Filing Flows › Novo Nordisk A S (NVO) › Q2 2026 › vs Q2 2025
Novo Nordisk A S (NVO) Q2 2026 vs Q2 2025 (year over year)
Novo Nordisk A S's revenue rose $1.6B (+2%) from $76.9B in Q2 2025 to $78.5B in Q2 2026. The biggest changes: Obesity and Diabetes care −$71.8B (-49%); Rare disease −$4.6B (-49%). Gross margin 78.2% against 83.3% (-5.1 pts).
Novo Nordisk A S, Q2 2026: revenue $78.5B (+2% year over year), operating margin 34.5%, net earnings $21.0B, operating cash flow $55.2B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 78.2% | 83.3% | -5.1 pts |
| Operating margin | 34.5% | 43.5% | -9.0 pts |
| Net margin | 26.7% | 34.5% | -7.7 pts |
| Free cash flow margin | 54.2% | 34.0% | +20.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Obesity and Diabetes care | $73.6B | $145.4B | −$71.8B | -49% |
| Rare disease | $4.9B | $9.5B | −$4.6B | -49% |
| Revenue | $78.5B | $76.9B | $1.6B | +2% |
| Gross profit | $61.4B | $64.0B | −$2.6B | -4% |
| Cost of revenue | $17.1B | $12.8B | $4.3B | +33% |
| Operating profit | $27.1B | $33.4B | −$6.4B | -19% |
| Operating expenses | $34.3B | $30.6B | $3.8B | +12% |
| Pre-tax earnings | $26.9B | $33.8B | −$6.9B | -20% |
| Research & development | $17.8B | $11.7B | $6.1B | +52% |
| Sales & marketing | $15.0B | $17.5B | −$2.5B | -14% |
| General & admin | $1.3B | $1.3B | −$7.0M | -0.5% |
| Net earnings | $21.0B | $26.5B | −$5.5B | -21% |
| Income tax | $5.9B | $7.3B | −$1.4B | -19% |
| Working capital & other | $34.2B | $14.3B | $19.9B | +140% |
| Operating cash flow | $55.2B | $40.8B | $14.4B | +35% |
| Free cash flow (OCF − capex) | $42.5B | $26.1B | $16.4B | +63% |
| Capital expenditures | $12.7B | $14.7B | −$2.0B | -14% |
Questions
How much did Novo Nordisk A S's revenue grow year over year in Q2 2026?
Novo Nordisk A S's revenue rose $1.6B (+2%) from $76.9B in Q2 2025 to $78.5B in Q2 2026.
What drove Novo Nordisk A S's revenue change in Q2 2026?
Obesity and Diabetes care −$71.8B (-49%); Rare disease −$4.6B (-49%).